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05 Feb 2019 | 09:04

UK stocks open 0.9% stronger, buoyed by BP beat

UK stocks opened higher on Tuesday after oil bellwether BP beat earnings expectations.

At 0857, the benchmark FTSE 100 index was up 64.12 points, or 0.9%, at 7.098.25.

BP rallied 3.8% after the energy giant more than doubled its annual profit amid rising oil and gas output boosted by its purchase of US shale assets from BHP.

Online grocery retailer Ocado pared earlier falls to decline 0.4% as it posted a £44.9m annual loss amid continued investment in its technology platform. Sales rose 12%.

Indivior tumbled 14% on news that it failed to appeal against a decision that would allow rival Dr. Reddy's Laboratories from selling a generic version of its opioid addiction treatment.

Fellow pharmaceutical company AstraZeneca was having a better morning, rising 0.5% as its treatment for lower respiratory tract infection received priority status from European regulators.

Ailing flooring retailer Carpetright slipped 7% on announcing that sales 'remained negative' amid volatile trading patterns and weak consumer confidence.

Industrial and residential property investor St. Modwen Properties also gained 0.5%, after posted a 4.3% rise in its net asset value per share in 2018 and boosting its dividend.

Hostel group Safestay rallied 6.0% as it forecast higher annual earnings on the back of a 39% jump in revenue.

Story provided by StockMarketWire.com
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